Capital Dynamics Real Estate IV

Versus Capital Multi-Manager Real Estate Income Fund

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Some Risks of the FundAN INVESTMENT IN THE FUND IS SUBJECT TO A HIGH DEGREE OF RISK. RISKS OF INVESTING IN THE FUND, INCLUDE, BUT ARE NOTLIMITED TO, THOSE OUTLINED BELOW. YOU SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSESOF THE FUND CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ARE CONTAINED IN THE FUND’S PROSPECTUS ANDSUMMARY PROSPECTUS AND CAN BE OBTAINED BY CONTACTING THE SUB-DISTRIBUTOR OR FROM THE VERSUS CAPITALWEBSITE (www.versuscapital.com). PLEASE READ THEM CAREFULLY BEFORE YOU INVEST OR SEND MONEY.

THE FUND IS A NEWLY FORMED ENTITY WITH NO SIGNIFICANT OPERATING HISTORY UPON WHICH PROSPECTIVE INVESTORS MAYEVALUATE THE FUND’S POTENTIAL PERFORMANCE. THE FUND’S INVESTMENTS MAY BE NEGATIVELY AFFECTED BY THE BROADINVESTMENT ENVIRONMENT IN THE REAL ESTATE MARKET, THE DEBT MARKET AND/OR THE EQUITY SECURITIES MARKET. REALESTATE IS SUBJECT TO SPECIAL RISKS, AMONG WHICH ARE TENANT DEFAULT, ENVIRONMENTAL PROBLEMS, AND ADVERSECHANGES IN LOCAL ECONOMIC CONDITIONS. THE FUND IS DEEMED “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACTOF 1940 SINCE CHANGES IN THE FINANCIAL CONDITION OR MARKET VALUE OF A SINGLE ISSUER MAY CAUSE A GREATERFLUCTUATION IN THE FUND’S NET ASSET VALUE THAN IN A “DIVERSIFIED” FUND. THE FUND IS NOT INTENDED TO BE A COMPLETEINVESTMENT PROGRAM.

YOU SHOULD NOT EXPECT TO BE ABLE TO SELL YOUR SHARES OTHER THAN THROUGH THE FUND’S REPURCHASE POLICY,REGARDLESS OF HOW THE FUND PERFORMS. THE FUND DOES NOT INTEND TO LIST ITS SHARES ON ANY SECURITIES EXCHANGEDURING THE OFFERING PERIOD, AND THE FUND DOES NOT EXPECT A SECONDARY MARKET IN THE SHARES TO DEVELOP. AS ARESULT OF THE FOREGOING, AN INVESTMENT IN THE FUND’S SHARES IS NOT SUITABLE FOR INVESTORS THAT REQUIRE LIQUIDITY,OTHER THAN LIQUIDITY PROVIDED THROUGH THE FUND’S REPURCHASE POLICY. THE SUCCESS OF THE FUND DEPENDS IN LARGEPART UPON THE ABILITY OF THE ADVISER TO CHOOSE SUCCESSFUL INVESTMENT MANAGERS AND UPON THE ABILITY OF THEADVISER AND THE INVESTMENT MANAGERS TO DEVELOP AND IMPLEMENT INVESTMENT STRATEGIES THAT ACHIEVE THE FUND’SINVESTMENT OBJECTIVES.

NOT FDIC INSURED, NO BANK GUARANTEE, MAY LOSE VALUE

Shareholder Services

1.855.653.7173

Sub-Distributor

1.800.667.3875

Distributor

BNY Mellon Distributors Inc.

http://www.versuscapital.com/





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Disclosure Statements

Versus Capital Multi-Manager Real Estate Income Fund LLC (the “Fund”) is an investment company, as defined under the Investment Company

Act of 1940, as amended (the “40 Act”). The Fund is a continuously offered closed-end mutual fund, registered under the Investment Company

Act of 1940. The Fund is designed to serve as a core real estate holding, providing access to institutional real estate managers and primarily

consisting of a portfolio of direct real estate investment funds.

Versus Capital Advisors LLC (“Versus Capital” or the “Adviser”), is the adviser to the Fund and is an investment adviser registered with the

Securities Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Versus Capital is an

independent asset management focused on building and managing alternative investment products that seek to have an income oriented return

focus and low correlation to the broader equity and debt indices. Versus Capital builds these products to give individual investors access to

institutional managers once reserved for foundations, endowments, pensions and other institutions.

Callan Associates (“Callan”) is the sub-adviser to Versus Capital and the Fund. Callan, a registered investment adviser under the Advisers Act,

will assist the Adviser by providing research, due diligence and recommendations with regard to Investment Managers and Investment Funds for

review and approval by the Adviser. Callan provides research, education, decision support and advice to over 230 institutional investors

collectively responsible for over $1.0 trillion in total assets.

Advisors Asset Management (“AAM”) is the Sub-Distributor of the Fund. AAM is a broker-dealer registered with the SEC, a member of Financial

Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). AAM is not affiliated with Versus Capital, Callan or

the Fund.

BNY Mellon Distributors Inc. (“BNY/Mellon”) is the statutory underwriter for the Fund. BNY/Mellon is a broker-dealer registered with the SEC, a

member of FINRA. BNY/Mellon is not affiliated with Versus Capital, Callan or the Fund.

Contents

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Introduction to Versus Capital 5

Versus Capital Multi-Manager Real Estate Income Fund 6

Why Invest in Direct Real Estate? 12

Board of Directors 17

Sub-Adviser - Callan Associates 18

Contact Information 19

Introduction to Versus Capital

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Versus Capital is a registered investment advisor under the Advisers Act, focused on building and managing alternative investment products that seek to have an income oriented return focus and low correlation to the broader equity and debt indices.

Our goal is to help investors achieve less volatile, long-term investment portfolio success

Our Principals have significant experience building, managing, and distributing alternative investment products (specifically real estate related)

We build investment products to give individual investors access to institutional managers

We primarily seek to invest with institutional managers with strong and long track records

Our efforts are supported by the research and consulting advice of one of the largest independently owned investment consultants – Callan Associates Inc.

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Introducing Direct Real Estate in a Mutual Fund

• Income Focused • No Upfront Load* • Daily NAV • Quarterly Liquidity• 1099

* No upfront sales charge/load upon purchasing shares. The Fund does pay an ongoing distribution, marketing and servicing fee.


Closed End Fund – Initial Offering$750,000,000

The Fund has been formed as a Delaware limited liability company and isregistered as a non-diversified, continuously offered closed-end investmentcompany under the 40 Act. The Fund will offer up to $750 million worth ofshares, to be registered under the Securities Act of 1933, as amended.

This summary is prepared solely for the purposes of illustration and discussion; itis not complete and should not be relied upon as such. The informationcontained should not be used or considered as an offer to sell, or a solicitation oran offer to buy, any security. The mention of specific managers, funds or assetclasses is not a recommendation or solicitation for any person to buy, sell or holdany particular manager, fund or asset class. Fund composition is subject tochange as market conditions change and funds are added or subtracted per theadvice of the sub-adviser and discretion of the adviser.


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Fund Objectives:

Consistent current income

Capital preservation

Long-term capital appreciation

Potential Investment Benefits:

Current income

Portfolio diversification

A potential hedge against inflation

Capital preservation

Long-term capital appreciation * No upfront sales charge/load upon purchasing shares. The Funddoes pay an ongoing distribution, marketing and servicing fee.

** In addition to the management fee, the Fund has other operatingexpenses, among them include the expenses incurred byunderlying investment funds and the fees charged by investmentmanagers acting as sub-advisers to the Fund.


Fund Information

Adviser Versus Capital Advisors LLC

Sub-Adviser Callan Associates Inc.

CUSIP# 92532P108

Minimum Investment $10,000

Upfront Sales Charge None*

Liquidity Quarterly, via tender offer

Lock-up None

Early Withdraw Charge 2% - First 12 months

Dividend Quarterly

Tax Reporting 1099

Management Fee 0.95%**


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Institutional Managers

Shareholder Shareholder Shareholder ShareholderShareholder Shareholder

Versus Capital Multi-Manager Real Estate Income Fund LLC

(the “Fund”)

Board of DirectorsMajority Independent

Versus Capital Advisors(the “Adviser”)

Callan Associates Inc.(the “Sub-Adviser”)

.

While the Approved Managers have been reviewed and approved by the Sub-Adviser and accepted by the Adviser, there is no guarantee that any one Approved Manager will receive an allocation of the Fund's assets for investment. The mention of specific managers, funds or asset classes is not a recommendation or solicitation for any person to buy, sell or hold any particular manager, fund or asset class. Fund composition is subject to change as market conditions change and funds are added or subtracted per the advice of the sub-advisor and discretion of the advisor.

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Institutional Multi-Manager Approach

Institutional real estate mangers typically only available to institutional investors with high minimum investments

Multi-manager helps the fund diversify its risk by manager, strategy, geography, and property type

Approved Managers Real Estate AUM (billions*)

UBS Global Asset Management, Global Real Estate $62J.P. Morgan Asset Management- Global Real Assets $55AEW Capital Management (and affilates) $48Invesco Real Estate $45Cornerstone Real Estate Advisers $30Heitman $24DEXUS Property Group $14European Investors Incorporated $8Forum Securities Limited (and affilates) $6Security Capital Research & Management $5

* As of June 30, 2011


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Manager Selection


Establish Appropriate Manager Profile

Quantitative Screening

Qualitative Screening

Manager Search

Committee

Selection of Investment Managers & Investment Process

Managers Selected

123

83

59

41

27

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RFI's sent to institutional real estate managers

Managers completed the RFI

Managers made it through the screening

Managers were approved by the Callan Search Committee

Semi-finalists interviewedSemi-Finalist

Review

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Sub-Adviser

One of the largest independently owned investment consulting firms in the country

Provides research, education, decision support and advice to over 230 institutional investors responsible for over $1.0 trillion in total assets

Employs more than 150 people and maintains four regional offices located in Denver, Chicago, Atlanta, and Florham Park, N.J

In 1988, Callan developed its first specialty consulting group with the formation of a division focused solely on the real estate asset class

The real estate team has approximately 300 manager meetings per year


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Why Invest In Direct Real Estate?

For a number of reasons, including the following benefits, institutional investors such aspension funds and endowments have embraced real estate as a major asset class forpurposes of allocations within their investment portfolios. In fact, institutions that investin commercial real estate target an average allocation of 10.3% of their portfolios to thesector, according to a January 2011 survey by Kingsley Associates and Institutional RealEstate, Inc.

Income Oriented Returns: a large percentage of the return provided toinvestors comes in the form of income rather than capital appreciation.

Diversification a& Risk Adjusted Returns: Adding real estate to a portfoliocan provide diversification in an investor’s portfolio, potentially reducing portfoliorisk or increasing portfolio returns for a given risk.

Inflation Hedge: The Adviser believes that real estate has historically been agood hedge against inflation.

Potential Benefits of a Real Estate Allocation

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Attractive and Consistent Income

Past performance does not guarantee future results. This chart represents the annual average income returns for the indices discussed below over a 15 yearperiod ending June 30, 2011. These charts compare the performance of the NFI-ODCE (the direct real estate proxy). NCREIF Fund Index-Open End DiversifiedCore Equity (“NFI-ODCE”), an index of investment returns of open-end commingled funds pursuing a core investment strategy, the FTSE EPRA/NAREITDeveloped Index (the proxy for global publicly traded REITs), the Russell 3000 Index (the proxy for the broad domestic equity markets) and the BarclaysAggregate Bond Index (the proxy for the broad domestic fixed income markets).

Source: Financial Times Stock Exchange (“FTSE”), European Public Real Estate Association (“EPRA”), National Association of Real Estate Investment Trusts(“NAREIT”), Russell Investments, Barclays Capital, and National Council of Real Estate Investment Fiduciaries (“NCREIF”).

Index performance should not be construed as representing the past or future returns of the Versus Capital Multi-Manager Real Estate Income Fund. The Fund isnew, with a limited performance record. Visit versuscapital.com for the Fund’s performance. Unlike a mutual fund, the performance of an index is not affected byoperating expenses, transaction costs, and taxes. It is not possible to directly invest in an index.

7.26%

4.53%

1.73%

5.81%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

Direct Real Estate Publicly Traded REITs Stocks Bonds

Average Income Returns*15 Years Ended June 30, 2011

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Past performance does not guarantee future results. This chart represents the annual average performance for the indices discussed below over a 15 year period ending June30, 2011. These charts compare the performance of the NFI-ODCE (the direct real estate proxy). NCREIF Fund Index-Open End Diversified Core Equity (“NFI-ODCE”), an indexof investment returns of open-end commingled funds pursuing a core investment strategy, the FTSE EPRA/NAREIT Developed Index (the proxy for global publicly traded REITs),the Russell 3000 Index (the proxy for the broad domestic equity markets) and the Barclays Aggregate Bond Index (the proxy for the broad domestic fixed income markets).

Source: Financial Times Stock Exchange (“FTSE”), European Public Real Estate Association (“EPRA”), National Association of Real Estate Investment Trusts (“NAREIT”), RussellInvestments, Barclays Capital, and National Council of Real Estate Investment Fiduciaries (“NCREIF”).

Index performance should not be construed as representing the past or future returns of the Versus Capital Multi-Manager Real Estate Income Fund. The Fund is new, with alimited performance record. Visit versuscapital.com for the Fund’s performance. Unlike a mutual fund, the performance of an index is not affected by operating expenses,transaction costs, and taxes. It is not possible to directly invest in an index.

Sharpe Ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better thefund's historical risk-adjusted performance.

Standard Deviation: Depicts how widely returns varied over a certain period of time. A high standard deviation implies a greater volatility and greater risk.

Risk Adjusted PerformanceHistorical Total Returns (15 Years Ended June 30, 2011)

Average Total Return

Standard Deviation

(% annually) (% annually)

Direct Real Estate 8.30% 7.47% 0.68Publicly Traded REITs 8.42% 22.12% 0.23Stocks 6.77% 18.66% 0.19Bonds 6.32% 3.51% 0.88

Sharpe Ratio

Diversification & Risk Adjusted Returns

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Past performance does not guarantee future results. These charts compare the performance of the NFI-ODCE (the direct real estate proxy). NCREIF Fund Index-Open End Diversified Core Equity (“NFI-ODCE”), an index of investment returns of open-end commingled funds pursuing a core investment strategy, the FTSE EPRA/NAREIT Developed Index (the proxy for global publicly traded REITs), the Russell 3000 Index (the proxy for the broad domestic equity markets) and the Barclays Aggregate Bond Index (the proxy for the broad domestic fixed income markets).

Source: Financial Times Stock Exchange (“FTSE”), European Public Real Estate Association (“EPRA”), National Association of Real Estate Investment Trusts (“NAREIT”), Russell Investments, Barclays Capital, and National Council of Real Estate Investment Fiduciaries (“NCREIF”).

Correlation Coefficient: The correlation coefficient a concept from statistics is a measure of how well trends in the predicted values follow trends in past actual values. The correlation coefficient is a number between 0 and 1. If there is no relationship between the predicted values and the actual values the correlation coefficient is 0 or very low (the predicted values are no better than random numbers). As the strength of the relationship between the predicted values and actual values increases so does the correlation coefficient. A perfect fit gives a coefficient of 1.0.

Correlation CoefficientHistorical Total Returns (15 Years Ended June 30, 2011)

Direct Real Estate

Publicly Traded REITs

Stocks Bonds

Direct Real Estate 1 0.13 0.16 -0.11Publicly Traded REITs 1 0.73 -0.08Stocks 1 -0.33Bonds 1

Diversification & Risk Adjusted Returns

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The chart shows the performance of the NFI-ODCE (the direct real estate proxy) during all years when therewas above average inflation (above 4%) from 1978 thru 2010. Historically, in times of high inflation, real estatetypically performed as a hedge against inflation.

Potential Inflation Hedge

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Mathew MurphyIndependent DirectorReal Estate & Accounting BackgroundChair of the Audit CommitteeMember of the Valuation CommitteeB.S. Accounting– Colorado State University

Paul SvenIndependent DirectorReal Estate & Structured Finance BackgroundMember of Investment, Audit & Nominating CommitteesB.A. Economics– St. Lawrence University

Casey Frazier, CFACIODirectorReal Estate & Asset Management BackgroundChair of the Investment CommitteeMember of the Valuation CommitteeB.A. American Political Economy – The Colorado College

Mark QuamCEO Chairman of the BoardReal Estate & Securities BackgroundMember of Investment CommitteeB.S. Finance – University of ArizonaMember of FINRA Corporate Finance Committee

William FuhsPresident and CFODirectorReal Estate & Structured Finance BackgroundMember of Investment & Nominating CommitteesB.A. Economics– Middlebury College

Richard McCreadyIndependent DirectorReal Estate BackgroundMember of Investment, & Audit CommitteesB.A. –University of new HampshireJ.D.- Boston College

Board of Directors

Jeffery JonesIndependent DirectorReal Estate BackgroundMember of Investment, & Valuation CommitteesB.A. –Stanford University

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Avery Robinson ConsultantSan Francisco Office 5 years Real Estate Experience Real Estate Asset Management BackgroundM.B.A. – Tippie School of Management, University of IowaResearch lead for open end funds, urban strategies,

infrastructure, and emerging managers

Jay NayakAssociate ConsultantNew Jersey Office3 Years Real Estate ExperienceReal Estate Acquisitions and Asset Management

BackgroundB.A. – University of California at San DiegoResearch lead for REITs and Debt Strategies

Sarah Angus, CAIAVice PresidentSan Francisco Office6 Years Real Estate ExperienceCallan Shareholder/CAIA DesignationPerformance Measurement BackgroundB.A. – College of CharlestonResearch lead for Europe, Latin America, and Timber

Jamie Shen Practice Leader, Alternative Investments ConsultingSan Francisco Office18 years Real Estate ExperienceCallan Shareholder/Management CommitteeB.S. – University of California at Berkeley, Haas School of

Business, PREA, NCREIFResearch lead for agriculture

Sally HaskinsSenior Vice PresidentChicago Office20 years Real Estate ExperienceConsulting, Manager Selection, Portfolio Management,

Acquisitions, and Marketing Background M.S. – Real Estate Appraisal and Investment, University of

Wisconsin-MadisonResearch lead for Asia

Lauren TalbotAssociate ConsultantSan Francisco OfficePerformance Measurement BackgroundNew Offerings ResearchDatabase ManagementB.A. – Dartmouth College

Sub-Adviser – Callan Associates

Real Estate Advisory Team

Versus Capital Advisors LLC7100 E. Belleview, Suite 306

Greenwood Village, CO 80111

1-877-343-7916www.versuscapital.com

_____________________

Sales and Marketing Information:

Advisors Asset Management18925 Base Camp RoadMonument, CO 80132

1-800-667-3875

Documents

Capital Dynamics Real Estate IV